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ERM concepts and Risk categorisation [32]

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Bullet points include: Any currently operational entity will have some risk management in place But these activities may be rudimentary, ad hoc, informal and uncoordinated, may focus overly much on operational or compliance-related risks, giving too little weight to strategic and emerging risks, and may lack transparency Not ERM as such, if following COSO (2004) definition: “Enterprise risk management is a process, effected by an entity’s board of directors, management and other personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect the entity, and manage risk to be within the risk appetite, to provide reasonable assurance regarding achievement of entity objectives”

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